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What Makes Life Insurance So Important
It should not be hard to justify the expense of life insurance. Paying premiums doesn’t do much of anything for you in the present, but knowing that money will go to your loved ones, makes having a good life insurance policy worth every penny.
When you put money into a life insurance policy, you’re paying to secure the future of your family. That money will go a long way towards shielding them from the cost of funeral expenses or a loss of income. It’ll make sure your death doesn’t have a negative financial impact on the people that you love.
It doesn’t take much for someone to get in the hole. Without a life insurance policy, your family could drown in debt. Even a small policy can do a lot to help them. You want to make sure they’ll be okay even when you can no longer be there for them.
To make sure you get the most out of your life insurance, take the time to compare different policies. You may want to read up on what’s available and see what’s best for you. For example, if you’d like to be able to withdraw some of that money before your death, you should get a whole life policy. They cost more money, but the benefits can be worth it. If you want something more affordable, a term policy may be best. And buy early. Life insurance over the age of 50 is going to cost more than if you are in your 30’s.
It’s also a good idea to figure out how much money your family will need in the case of your death. Calculate funeral expenses, and also calculate how much income your household will be losing. You’ll want them shielded for at least a few months. That will ensure they have the time to keep their finances in order.
Life insurance is worth paying for. Talk to an agent and have them recommend a policy for you.
Why You Need Disability Insurance
No government or employer: In the United States, most people who suffer an injury are, unfortunately, on their own. While the local and state government may offer some funds, it is not enough to survive on or pay the bills. Furthermore, most companies, in a bid to save cash, do not offer disability insurance to its employees. For this reason, a person should take matters into his or her own hands and get the needed coverage.
Standard of living: Some people will have enough money in the bank or can work part-time to get some income to cover bills. However, to enjoy the same standard of living as one previously enjoyed, it is crucial to have protection in the form of disability coverage. Without this, one can probably still get by, but they will not enjoy a decent standard of living. This is especially true for people with children who are still in the house as it is difficult to feed a family without a reliable income.
Make up the difference: Finally, while some people will get something from their employer or the state, it usually not enough. With disability insurance, a person can get a reliable check that is larger than he or she gets from other sources. This is an often overlooked benefit as so many people assume they are covered through their employer or the state.
A prudent person with a family or other obligations must think a little more deeply when contemplating his other financial future. While not fun to think about or discuss, it is wise to prepare for the worst and anticipate problems in the future. When doing so and getting disability insurance, a working age individual will not fall into poverty after getting a disability.
Life Insurance is Available for Everyone
Getting a life insurance policy is not out of the question even for those who have long considered themselves uninsurable due to pre-existing medical conditions. There are numerous options available for almost anyone regardless of past medical history or present conditions requiring medical care. Insurance companies are willing to insure applicants based on individual assessments and try to look at the whole picture and not just the condition. Most insurance companies have their own underwriting guidelines. Applicants are encouraged to shop wisely for insurance coverage before deciding on one.
The Importance of an Estate Plan
Some people believe that only wealthy individuals need estate planning. However, this is partially true. Estate planning involves developing a good plan for what happens in case you die or become mentally disabled. And these are things that may happen to everyone. Therefore, everyone needs these documents to put their financial and family affairs in order. There are a many reasons why people consider meeting with their estate planning attorneys to create an estate plan. This article highlights the importance of having an estate plan.
The major reason why most people opt to create this plan is to avoid probate. Although many people have never encountered probate, they just know it’s not a good thing and should be avoided at all costs. This fear can be attributed to the horror stories about probate covered on local and international media or narrated by family, friends, neighbors or business associates.
Reduce Estate Taxes
The payment of state estate taxes or inheritance taxes can lead to the substantial loss of an estate. This factor has greatly motivated many people to have an estate plan. Through basic planning, couples can significantly reduce or even get rid of such taxes altogether by making ABC Trusts or AB Trusts part of their revocable living trusts or wills. Moreover, individuals and couples can use many estate planning techniques to make the inheritance or estate tax less burdensome or go away altogether.
Avoid a Mess
Many people realize the importance of estate planning after seeing a friend, neighbor or colleague experience a substantial loss of money and time due to their love ones’ failure to have an estate plan. This plan offers you a chance to choose someone who will take care of your property in case you become mentally disabled or die as well as decide who would get what and when and how they would get it once you’re gone. With such an arrangement, you will prevent your family from unnecessary fights and expensive court proceedings over your property.
When it comes to making a plan to protect your beneficiaries, you should do it for two main reasons; to protect minor beneficiaries, and protect adult beneficiaries from wrong decisions, outside influences, divorcing spouses and creditor problems. In case the beneficiary is still a minor, you should appoint a conservator or guardian to oversee the minor’s finances and needs till he/she becomes an adult. If the beneficiary is an adult with a bad money management record or who has an overbearing partner that may squander the inheritance, then you can make a plan that would shield the beneficiary from making bad decisions or from external influence.
Protect assets from creditors
Asset protection planning should be an important part of estate planning. As long as you suspect that your assets can attract lawsuits, particularly from creditors, you need to develop such a plan to protect your property. This would be both beneficial to you when still alive and your beneficiaries once you are gone. You may also provide asset protection through AB/ABC Trusts for your spouse and through lifetime trusts for your other beneficiaries.